Hui Ka Yan pleads guilty

The charges against Hui include the illegal absorption of public deposits and the misappropriation of corporate funds.

Once one of the world's richest men, Hui has been in detention since 2023 as authorities investigated Evergrande's more than $300 billion in liabilities.

The trial has been closely watched by international investors as a signal of Beijing's commitment to holding corporate leaders accountable.

Liquidators are currently working to freeze Hui's offshore assets in an effort to recover billions for the company's creditors.